What premium to expect after a big claim?

[Al n Val]

it’s not just insurance companies who inflate their prices, it’s the businesses doing the repair work ripping off the insurance companies who are the villains.

Last year we had a leak in our 3rd floor bathroom from the toilet cistern, it caused quite a bit of damage to our en-suite below and our hall below that.

The repair quote was £48,600.00 from the insurance approved builders which was approved btw, and we got all the work done to a much higher standard for less than £12k.

So imho if the insurers and those in the industries stopped ripping each other off and taking back handers here there and everywhere our premiums wouldn’t be falsely hiked up.

As to the OP’s £10k repair bill, i’d liked to see a photo of the damage

 

[mry716]

message duplicated - please see below

 

[mry716]

Two years ago I made a claim for £12000 but changed insurance at the end of the year to LV - The premium dropped slightly and they honoured my full protected NCB from the previous company. Premium £235 incl with £300 excess.

The other problem is when renewing your other motor policies - one of mine increased by about 35% but for the other, Saga actually ignored the claim when I telephoned for a quote and offered the best premium I had had in 10 years.
You need to shop round extensively !

 

[gus-lopez]

Is there any option?. I think it's sensible to require insurance to be legal

Yes.
The requirement is that you are able to pay for all 3rd party claims in the event of a claim against you.
There is no actual requirement to have insurance as you can , & many do, deposit £500,000 with the Attorney General which covers you for all & any vehicles that you have, against claims against you.
the cash in transit companies always had to use it in the 70's & 80's.
Anyone with a highly prized collection of expensive vehicles is better off that way as well.

** Oh & you also used to get the government rate interest on the amount which at one time was 4%. Win-win

 

[Molly A]

After an accident you normally loose about 20% of your NCB , but it won’t stop them increasing the premium , £10,000 ain’t a big claim

Not if you have NCB protection, which will normally allow 2 claims in a 3 year period, without compromising your discount. And yes, your premium will increase as your risk profile upon which the premium is based will change.

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[Molly A]

Our new insurance quote has gone up by 15% with no accidents. Just the company computer generator they say. Another round of negotiations per say. I refuse to be loyal to any of them, if they are not loyal to me.
Phil

You should always negotiate your renewal price. Insurers rely on inert customers who cannot be arsed to challenge.

 

[Molly A]

We had an innocent enough prang (turning too sharply around a low brick wall) which is costing Aviva 10k to repair. (The dent caved in the toilet unit)
Any idea what kind of hike on our premium we can expect or even if they’ll agree to carry on insuring us? If not, any advice?

As an ex head of renewals for a large insurance company, I would ask a couple of questions.
Did you have protected NCB? That will mean your level if discount will not change, if this is your first claim or you are still within the claim limits allowed on your policy.
Your base premium will certainly rise, as your level of risk has worsened from an actuarial basis . Impossible to guess, just depends how much they want to keep your business and how inert they know you to be as a customer, ie, how long you have remained with them and have you always contested your renewal? Also , have you a pattern of other claims in a five year period?
Will they offer a renewal? I would imagine so. A 10K claim sounds huge but it actually is not in the scale of things.
Always challenge your renewal, always shop around. If your renewal is beyond your appetite, but you must always be upfront with your claims history. If not, any new insurer will find out from the Motor Insurers database and up the premium anyway.
All you can do is wait and see, but perhaps do a couple of quotes with the claim inserted as a fault claim, as it will be ascribed, and it will give you a comparison for your renewal premium. Good luck.

 

[Lenny HB]

After an accident and claim they put your premium up as they say you are a higher risk.
Surely if you have had an accident by the law of averages you are less likely to have another one so premium should go down.

 

[Gaston aires]

You should always negotiate your renewal price. Insurers rely on inert customers who cannot be arsed to challenge.

Always do .
Phil

 

[Al n Val]

And FWIW

my home/business insurance premium went up 335% to £4650

and I put a lot of this down to the rip off companies who rip the insurers off

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[Ian Bosman]

We had an innocent enough prang (turning too sharply around a low brick wall) which is costing Aviva 10k to repair. (The dent caved in the toilet unit)
Any idea what kind of hike on our premium we can expect or even if they’ll agree to carry on insuring us? If not, any advice?

Surely it is within your insurance policy what the resultant loss of NCB is unless it is the first year in which case it depends on what the premium increase would be anyway.

 

[Molly A]

After an accident and claim they put your premium up as they say you are a higher risk.
Surely if you have had an accident by the law of averages you are less likely to have another one so premium should go down.

Unfortunately that is frequently not the case. I have had access to claims data which proves, particularly with older drivers, that one claim frequently becomes part of a pattern. It is sometimes an early indicator of changes in ability or competence.

 

[Molly A]

it’s not just insurance companies who inflate their prices, it’s the businesses doing the repair work ripping off the insurance companies who are the villains.

Last year we had a leak in our 3rd floor bathroom from the toilet cistern, it caused quite a bit of damage to our en-suite below and our hall below that.

The repair quote was £48,600.00 from the insurance approved builders which was approved btw, and we got all the work done to a much higher standard for less than £12k.

So imho if the insurers and those in the industries stopped ripping each other off and taking back handers here there and everywhere our premiums wouldn’t be falsely hiked up.

As to the OP’s £10k repair bill, i’d liked to see a photo of the damage

Very valid point. Claims cost inflation is a key driver of premium increases.

 

[busby]

Got my Motorhome written off in Germany 27000 pound claim,,no increase in premiums and no loss of NCB BUSBY.

 

[gwyntaxi]

If you stay with Aviva I don't see why the premium should go up other than the loss of any no claims discount - if there was one and it wasn't protected.

The insurers should take the view you are unlikely to do it again.

I had 2 claims, 1 in 2018 when my toad caught fire whilst towing and another unfortunate minor rta, both claims were against my toad policy these were the first claims I’ve had in over 25 years, but the effect on my Motorhome policy was unbelievable, it almost doubled from £392.50 up to £789.30, and that was with aviva, but when I asked Comfort how much bonus I had lost they said they don’t work on a bonus system, everyone is on a flat rate.?? And that Aviva had loaded my premium for the claims on my toad policy, yet my toad which I’d with a different ins co. didn’t increase by almost double it was more like 35% increase, strange I thought.

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[BusyBuilder]

Whether you claim or not you are supposed to inform your insurers of any vehicle you own.

What really pees me off is I have a motorbike insurance, but neither car nor bike give a discount for have two insurances, but if I have an accident on either it puts up the insurance on the other. They want it all ways.